Slides
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H1 2025 – Financial ResultsCleaner Energy for the FutureAugust 2025
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Contents1. Performance Snapshot Page 42. Operational HighlightsPage 63. Financial HighlightsPage 114. SummaryPage 18 2
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DisclaimerThis presentation contains forward-looking statements which may be identified by their use of words like “plans,”“expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning.All statements that address expectations or projections about the future, including, but not limited to, statementsabout the strategy for growth, product development, market position, expenditures, and financial results, areforward looking statements.Forward-looking statements are based on certain assumptions and expectations of future events. The Company,its subsidiaries and its affiliates (the “Companies”) referred to in this presentation cannot guarantee that theseassumptions and expectations are accurate or will be realized. The actual results, performance or achievementsof the Companies, could thus differ materially from those projected in any such forward-looking statements.The Companies assume no responsibility to publicly amend, modify or revise any forward-looking statements,on the basis of any subsequent developments, information or events, or otherwise.3
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C L E A N E R E N E R G Y F O R T H E F U T U R E 1. Performance Snapshot4
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Latest Earnings Update – H1 2025Group operations remained stable and uninterrupted in H1 2025Khor Mor field surpassed 500 million boe in cumulative productionDaily gas output averaged more than 500 MMscf/d – up 75% since 2017KM250 progressing well, with accelerated delivery driven by hands-on approach$160m Chemchemal investment programme underwayAverage group production: 51,000 boepd (vs 55,250 in H1 2024)•KRI: 38,550 boepd (+3% YoY)•Egypt: 12,450 boepd (-29% YoY), reflecting field maturity and Q2 maintenanceNet profit: $73mm (+1% YoY), despite lower realised pricesProfitability supported by:•Higher KRI output •Egypt gas pricing uplift (post-Consolidation Agreement)Revenue: $171mm (-10% YoY), mainly on Egypt volume declineEBITDA: $105mm (-9% vs H1 2024)OPEX & G&A: $3.7/boe – remains in top industry quartileCash balance: $174mm, incl. $147mm at Pearl JVCollections: $120mm total•KRI: $103mm (96% collection rate)•Egypt: $17mm (61% collection rate)$56mm dividend received from Pearl in H1Receivables (Dana Gas share): •KRI: $71mm •Egypt: $89mmTotal debt: $227mm incl. $38mm corporateEgypt $100mm investment programme underway•First well (Begonia-2) drilled in July with strong results; tie-in pending regulatory approvals•Recompletion of Balsam-3 in progress$105mm cash dividend paid (May)$50mm working capital facility secured (March); used to pay down term loan (April)Corporate5FinancialsOperations Liquidity
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C L E A N E R E N E R G Y F O R T H E F U T U R E 2. OperationalHighlights 6
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Kurdistan Region of Iraq (KRI) 7H1 2025 production: 38,550 boepd (175 MMscf gas; 5,050 bbl/d condensate; 357 MTPD LPG) – up 3% YoYDaily gas output remained strong, exceeding 500 MMscf/d, consistent with March 2025 peakPlanned maintenance in April led to temporary output reduction; production has since normalizedExport pipeline closure continues to affect condensate pricing, but not production volumesLocal sales model ensures timely paymentsContinued engagement with KRG to improve payment cycle and address receivables – key to sustaining investment and power supplyKM250progressing well under a proactive, hands-on delivery modelProject remains on an advanced schedule, with accelerated progress toward first gasOnce online, KM250 will add 250 MMscf/d of processing capacity•Will boost Pearl’s total output capacity by 50% and significantly enhance Dana Gas’s production and cash flowChemchemaldevelopment underway under $160mm investment plan•Drilling of first well planned in Q3 2026•Targeting early production of up to 75 MMscf/dOperations Development ProjectsStrong H1 production performance; KM250 advancing under hands-on approach
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Egypt 8H1 2025 production: 12,450 boepd, down 29% YoY , primarily due to natural field declines.Lower realised prices partially offset by improved gas pricing post-Consolidation AgreementNew investment programme advancing under improved fiscal termsOperationsInvestment Programme$100 million, two-year programme launched following signing of Consolidated Concession Agreement (2024).•Programme aims to drill 11 wells and expected to add 80 bcf in gas recovery and deliver $1+ billion in energy cost savings for Egypt’s economy•Programme fully self-funded; supports positive free cash flow•Continued timely payments and permit approvals will be essential to sustaining investment and deliveryBegonia-2 successfully drilled in July•First well within the investment program•Confirmed 9 bcf in reserves and expected output of 5 MMscfd•Pending permits to connect the well to the gas pipe networkBalsam-3 recompletion underway•Estimated reserves of 4 bcf•Anticipated production of 3 MMscfdMarzouk-4 Well, •Second well within the investment program•Scheduled spudding in August 2025
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Production 9 Quarterly Breakdown of Production kboe/dKRI production up 1% YoY; Egypt volumes impacted by natural field declines ahead of new investment cycle which is expected to support recovery 42.339.514.410.227.929.37.06.31.71.25.35.16.05.31.61.14.44.255.351.117.712.537.638.5H1 24 H1 25 H1 24 H1 25 H1 24 H1 25Group Egypt KRILPGCondensateGasAverage Production H1 2024 vs H1 2025 (kboe/d)41.238.514.010.027.328.56.76.01.61.15.04.95.85.31.61.24.24.153.749.817.212.336.537.5Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25Group Egypt KRILPGCondensateGas
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Realized Prices 10 Average Realized Price –LPG$/boeAverage Realized Price –Condensate$/bblSofter Brent-linked prices YoY; uplift from new Egypt gas pricing and stable LPG helped protect margins84453479724135658545347768383261Brent Dana Gas KRI EgyptH1 2024H1 2025Q2 2024Q2 202584332945723328528533294368322845Brent Dana Gas KRI EgyptH1 2024H1 2025Q2 2024Q2 2025
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C L E A N E R E N E R G Y F O R T H E F U T U R E 3. Financial Highlights 11
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Revenue Highlights 12Egypt KRITotal96924743423720185455272556452621241411732311514363218151311752321111018816991797962101301091075349H1 24 H1 25 Q2 24 Q2 25 H1 24 H1 25 Q2 24 Q2 25 H1 24 H1 25 Q2 24 Q2 25GasCondensateLPG TotalRevenue impacted by lower Egypt volumes and softer prices; uplift from Egypt gas pricing and higher volumes in the KRI partially offset revenue decline
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Profit Highlights 13 EBITDA $mmNet Profit $mmGross Profit $mm5447115105Q2 2024 Q2 2025 H1 2024 H1 20251% increase mainly driven by stronger pricing in Egypt (+$9mm), higher quantities in the KRI(+3mm), lower DDA charges(-$6mm) and reduced finance (-$4mm) vs lower quantities in Egypt (-$27mm), higher operating costs (+3mm) and lower realized prices in the KRI (-$4mm7273H1 2024 H1 2025Net Profit $mm3430Q2 2024 Q2 202547429490Q2 2024 Q2 2025 H1 2024 H1 2025
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CAPEX / OPEX / G&A Highlights 145058723159 H1'21 H1'22 H1'23 H1'24 H1'254.35.26.73.16.4$/boeCash CAPEX $mm3126222629H1'21 H1'22 H1'23 H1'24 H1'252.72.42.02.63.1OPEX $mm56 6 66H1'21 H1'22 H1'23 H1'24 H1'250.430.540.550.60.65G&A $mmCapex increased with KM250 and Egypt drilling ramp-up; OPEX and G&A remain efficient and within top quartile at $3.75/boeEgypt operating costs rose by $1mm in H1 2025, primarily due to scheduled maintenance at the El Wastani plant in Q2, while the increase in KRI costs was due to one-off project and IT-related expensesCapex increase driven by full resumption of KM250 spend and ramp-up of Egypt drilling programme$/boe$/boe
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Continued improvement in balance sheet strength with minimal corporate debt$174mm H1 2025 cash balance vs. $317mm atFY2024•$147mm held at Pearl PetroleumAs of 30 June 2025, Company’s total borrowingsstands at $227mm consisting of:•$189mm non-recourse project debtat Pearl•$38mm at the corporate level (balance of $50mm working capital facility drawn in March to repay Mashreq facility in full)Payment of $105mm dividend in May 2025Dana Gas Borrowing Evolution $mm105973123159144227189723404397907657108283872341445616319921625225522701002003004005006007002017 2018 2019 2020 2021 2022 2023 2024 H1 2025Dana Gas Corporate DebtDG Share of Pearl Project Finance*Net debt/(cash) ($mm)115731551465121(62)(80) Low corporate leverage maintained over last decade; Pearl project debt supporting KM250 expansion – expected to enhance cash flow once onlineBalance Sheet Evolution 15
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Receivables and Collections 1648 95 (65)78 Starting Receivables Billing Collections Ending ReceivablesEgypt (68% Realization)103 225 (261)67 Starting Receivables Billing Collections Ending ReceivablesKRI (116% Realization)78 28 (17)89 Starting Receivables Billing Collections Ending ReceivablesEgypt (61% Realization)67 107 (103)71 Starting ReceivablesBillingCollectionsEnding ReceivablesKRI (96% Realization)Cash collections totalled $120mm in H12025KRI•96% collection realisation in H1 2025•Dana Gas share of KRI trade receivables stands at $71mm•Received a $56mm Dividend from Pearl in H1 2025Egypt•Collected $17mm in Egypt with 61% realization•Trade receivables stand at $89mmTimely and predictable payments from partners remain critical to sustaining investments and momentum Timely payments from partners remain key to sustaining investments and operational momentum2024 Full Year H1 2025
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C L E A N E R E N E R G Y F O R T H E F U T U R E 4. Summary17
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Summary 18 Resilient earnings, clear capital delivery, and sustained focus on shareholder returnsDana Gas delivered resilient earnings of $73 million in H1 2025, supported by strong operational performance in the KRI, improved gas pricing in Egypt, and disciplined cost management – despite lower realised prices and a 29% production decline in Egypt.In the KRI, the Company continues to operate reliably, with daily gas output averaging over 500 MMscfd. The KM250 expansion project remains on an accelerated schedule, positioning Dana Gas for a material uplift in production and cash flow once online. Early-stage development at Chemchemal also progressing.In Egypt, the successful drilling of Begonia-2 and progress at Balsam-3 mark the Company’s return to upstream investment in the country. The $100 million programme is expected to unlock new reserves, stabilise output, and enhance gas recovery under improved fiscal terms.Dana Gas paid a $105 million dividend for FY 2024 in May and ended the period with $174 million of consolidated cash. The Company continues to engage constructively with both the KRG and Egyptian government to improve payment timelines, which are essential to sustaining investment momentum.Management PrioritiesDeliver KM250 ahead of schedule to realisenear-term production and cash flow upliftContinue executing Egypt investment programme and bring new reserves online Ensure timely payments from government partners in both KRI and EgyptMaintain sustainable dividend payments and focus on long-term shareholders’ returnsExplore new markets and geographies in line with strategic growth ambitions
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Contact Uswww.danagas.comDana Gas PJSCP . O. Box 2011, Sharjah, UAEE-mailmohammed.mubaideen@danagas.comDirect+971 6 519 4401